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South Africa's Sanlam to boost stake in Indian insurance venture

September 5, 2014 - 6:00am

Johan van Zyl, chief executive of South Africa-based insurer Sanlam Ltd., has said that the company plans to spend around 550 million South African rand ($51.5 million) to increase its stake in India-based Shriram Group Pvt. Co.'s insurance division, reported Reuters.

Mr. Zyl said his company plans come as India moves to increase the foreign direct investment limit in insurance concerns to 49% from the current 26%. Sanlam is also eyeing Ghana and Kenya for probable acquisitions.

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